TAX024 What do I need to know before investing in property? (673 words)

Description

Property can be an exciting element to add to your investment portfolio. But aside from the initial purchase, what other ongoing expenses may you find yourself paying? And which of these expenses can you claim as a tax deduction?

Introduction

It is no secret that Australians love investing in property. And while it can be an exciting prospect, it is essential to consider the finer details before jumping in, especially any ongoing costs and expenses you’ll have to pay.?

Investment property tax deductions

It is vital that you’re aware of what you can and cannot claim as a tax deduction as a landlord.?

For starters, did you know there is a difference between repairs and maintenance completed on the property versus improvements made??

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